
Orchard Road rents tick up despite persistent retail headwinds
Rents climbed to $34.55 psf.
Intensifying retail headwinds did not dampen rental growth in the country's most famous shopping district. Data from CBRE showed that prime retail rents in Orchard Road inched up by 1% year-on-year to $34.55 psf in Q4.
Meanwhile, suburban rents remained flats at $30.30psf. CBRE attributed the growth to some key renewals in well-performing developments.
"Prime space in such developments is relatively scarce and retailers are willing to pay for a well-located store with high foot traffic and which attracts a wide catchment as the retail scene turns more competitibe," stated Desmond Sim, Head, CBRE Research, South East Asia.